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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis
The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2025 and December 31, 2024 (amounts in thousands):
March 31, 2025
TotalLevel ILevel IILevel III
Financial Assets:
Loans under fair value option$2,446,636 $— $— $2,446,636 
RMBS91,941 — — 91,941 
CMBS31,299 — 4,028 27,271 
Equity security3,800 3,800 — — 
Woodstar Fund investments2,065,498 — — 2,065,498 
Domestic servicing rights23,143 — — 23,143 
Derivative assets84,972 — 84,972 — 
VIE assets37,470,618 — — 37,470,618 
Total$42,217,907 $3,800 $89,000 $42,125,107 
Financial Liabilities:
Derivative liabilities$72,975 $— $72,975 $— 
VIE liabilities35,901,085 — 31,919,461 3,981,624 
Total$35,974,060 $— $31,992,436 $3,981,624 
December 31, 2024
TotalLevel ILevel IILevel III
Financial Assets:
Loans under fair value option$2,516,008 $— $— $2,516,008 
RMBS93,806 — — 93,806 
CMBS27,345 — — 27,345 
Equity security5,146 5,146 — — 
Woodstar Fund investments2,073,533 — — 2,073,533 
Domestic servicing rights22,390 — — 22,390 
Derivative assets175,520 — 175,520 — 
VIE assets38,937,576 — — 38,937,576 
Total$43,851,324 $5,146 $175,520 $43,670,658 
Financial Liabilities:
Derivative liabilities$94,890 $— $94,890 $— 
VIE liabilities37,288,545 — 31,774,393 5,514,152 
Total$37,383,435 $— $31,869,283 $5,514,152 
Schedule of Changes in Financial Assets and Liabilities Classified as Level III
The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2025 and 2024 (amounts in thousands):

Three Months Ended March 31, 2025
Loans at
Fair Value		RMBSCMBSWoodstar
Fund Investments		Domestic
Servicing
Rights		VIE AssetsVIE
Liabilities		Total
January 1, 2025 balance
$2,516,008 $93,806 $27,345 $2,073,533 $22,390 $38,937,576 $(5,514,152)$38,156,506 
Total realized and unrealized gains (losses):
Included in earnings:
Change in fair value / gain on sale58,404 — (29)(8,035)753 (1,404,497)253,799 (1,099,605)
Net accretion— 1,075 — — — — — 1,075 
Included in OCI— (867)— — — — — (867)
Purchases / Originations231,109 — — — — — — 231,109 
Sales(297,319)— — — — — — (297,319)
Cash repayments / receipts(54,628)(2,073)(45)— — — (62,040)(118,786)
Transfers into Level III— — — — — — (7,595)(7,595)
Transfers out of Level III(6,938)— — — — — 1,348,326 1,341,388 
Deconsolidation of VIEs— — — — — (62,461)38 (62,423)
March 31, 2025 balance
$2,446,636 $91,941 $27,271 $2,065,498 $23,143 $37,470,618 $(3,981,624)$38,143,483 
Amount of unrealized gains (losses) attributable to assets still held at March 31, 2025:
Included in earnings$39,054 $1,075 $28 $(8,035)$753 $(1,404,497)$253,799 $(1,117,823)
Included in OCI$— $(867)$— $— $— $— $— $(867)
Three Months Ended March 31, 2024
Loans at
Fair Value		RMBSCMBSWoodstar Fund InvestmentsDomestic
Servicing
Rights		VIE AssetsVIE
Liabilities		Total
January 1, 2024 balance
$2,645,637 $102,368 $18,600 $2,012,833 $19,384 $43,786,356 $(5,604,796)$42,980,382 
Total realized and unrealized gains (losses):
Included in earnings:
Change in fair value / gain on sale(29,013)— 607 (3,896)228 (1,530,426)112,113 (1,450,387)
Net accretion— 1,167 — — — — — 1,167 
Included in OCI— (1,291)— — — — — (1,291)
Purchases / Originations289,508 — — — — — — 289,508 
Sales(218,597)— — — — — — (218,597)
Issuances— — — — — — (3,166)(3,166)
Cash repayments / receipts(45,316)(1,925)(63)— — — (3,138)(50,442)
Transfers into Level III— — — — — — (465,410)(465,410)
Transfers out of Level III— — — — — — 601,090 601,090 
Deconsolidation of VIEs— — 342 — — (622,077)4,790 (616,945)
March 31, 2024 balance
$2,642,219 $100,319 $19,486 $2,008,937 $19,612 $41,633,853 $(5,358,517)$41,065,909 
Amount of unrealized gains (losses) attributable to assets still held at March 31, 2024:
Included in earnings$(40,815)$1,167 $949 $(3,896)$228 $(1,530,426)$112,113 $(1,460,680)
Included in OCI$— $(1,291)$— $— $— $— $— $(1,291)
Schedule of Fair Value of Financial Instruments not Carried at Fair Value
The following table presents the fair values of our financial instruments not carried at fair value on the consolidated balance sheets (amounts in thousands):
March 31, 2025December 31, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets not carried at fair value:
Loans$16,521,979 $16,659,443 $15,437,013 $15,546,013 
HTM debt securities370,419 345,386 406,961 382,394 
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB
$15,603,734 $15,677,520 $14,347,983 $14,406,533 
Unsecured senior notes2,747,330 2,769,695 2,994,682 3,017,102 
Schedule of Quantitative Information for Level 3 Measurements for Assets and Liabilities Measured at Fair Value on Recurring Basis
The following is quantitative information about significant unobservable inputs in our Level III measurements for those assets and liabilities measured at fair value on a recurring basis (dollars in thousands):
Carrying Value at
March 31, 2025
Valuation
Technique		Unobservable
Input		Range (Weighted Average) as of (1)
March 31, 2025December 31, 2024
Loans under fair value option$2,446,636 Discounted cash flow, market pricingCoupon (d)
2.8% - 10.5% (4.5%)
2.8% - 10.5% (4.6%)
Remaining contractual term (d)
3.0 - 37.3 years (26.0 years)
3.3 - 37.5 years (25.9 years)
FICO score (a)
585 - 829 (750)
585 - 829 (750)
LTV (b)
4% - 92% (64%)
4% - 93% (64%)
Purchase price (d)
80.0% - 106.8% (101.3%)
80.0% - 106.8% (101.3%)
RMBS91,941 Discounted cash flowConstant prepayment rate (a)
2.1% - 9.1% (4.5%)
2.2% - 9.2% (4.5%)
Constant default rate (b)
0.9% - 3.3% (1.6%)
0.8% - 3.3% (1.6%)
Loss severity (b)
0% - 50% (12%) (e)
0% - 62% (13%) (e)
Delinquency rate (c)
8% - 25% (14%)
8% - 25% (13%)
Servicer advances (a)
18% - 76% (47%)
22% - 78% (51%)
CMBS27,271 Discounted cash flowYield (b)
0% - 59.2% (13.1%)
0% - 58.5% (12.6%)
Duration (c)
0 - 5.6 years (1.7 years)
0 - 6.7 years (2.2 years)
Woodstar Fund investments2,065,498 Discounted cash flowDiscount rate - properties (b)N/A
6.5% - 7.3% (7.0%)
Discount rate - debt (a)
3.0% - 6.2% (4.6%)
3.0% - 6.4% (4.7%)
Terminal capitalization rate (b)
N/A
4.8% - 5.5% (5.2%)
Direct capitalization rate (b)
4.43% (4.43%)
 4.43% (4.43%) (Implied)
Domestic servicing rights23,143 Discounted cash flowDebt yield (a)
8.75% (8.75%)
8.50% (8.50%)
Discount rate (b)
15% (15%)
15% (15%)
VIE assets37,470,618 Discounted cash flowYield (b)
0% - 862.5% (22.8%)
0% - 753.1% (26.4%)
Duration (c)
0 - 8.7 years (2.0 years)
0 - 9.0 years (2.6 years)
VIE liabilities3,981,624 Discounted cash flowYield (b)
0% - 862.5% (11.9%)
0% - 753.1% (17.1%)
Duration (c)
0 - 8.7 years (2.4 years)
0 - 9.0 years (2.0 years)
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(1)Unobservable inputs were weighted by the relative carrying value of the instruments as of March 31, 2025 and December 31, 2024.
Information about Uncertainty of Fair Value Measurements
(a)Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement.
(b)Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement.
(c)Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (higher or lower) fair value measurement depending on the structural features of the security in question.
(d)This unobservable input is not subject to variability as of the respective reporting dates.
(e)3% of the portfolio falls within a range of 45% - 80% as of both March 31, 2025 and December 31, 2024.